Design it
Contract and market conventions, payoff mechanics and the economics that make the structure worth trading.
Energy & Trading · Master academy
Commodity Instrument Engineering & ETRM/CTRM Master Academy
Ten instrument-family master programmes of 100 chapters each. Every programme is multi-commodity by construction and teaches the instrument well enough to design it, book it, value it, risk it, operate it and implement it in a CTRM or ETRM.
10 programmes · 100 chapters each · 1,000 chapters · gas, power, LNG, oil, emissions, metals, ags and freight throughout
The taxonomy decision
OTC and exchange are not instrument families
They are execution, venue and clearing dimensions. A swap can be bilateral or cleared. An option can be OTC or listed. A commodity exposure can settle physically or financially. Splitting the catalogue into an OTC course and an exchange course collapses the taxonomy the first time a product spans both.
OTC / exchange→Bilateral / cleared→
Physical / financial→Linear / non-linear→
Single / multi-asset→Standard / exotic
Each programme teaches its instrument across every one of those dimensions. That is also why crude, gas and power are not separate instrument courses: the swap programme carries TTF, Henry Hub, German power, PJM, Brent, gasoil, JKM, EUA, copper, coffee and freight cases in one place.
The academy
Ten instrument-family programmes
Organised by instrument family rather than by commodity or venue, so the knowledge transfers the moment a desk trades something new.
Standard architecture
The same ten modules in every programme
100 chapters does not mean 100 instrument definitions. It means the learner can design the instrument, book it, value it, risk it, operate it and implement it. Because the structure repeats, finishing one programme tells you how to navigate the other nine.
| Module | Chapters | Purpose |
|---|---|---|
| M0 Instrument Primer | Ch 1-10 | What the instrument actually is |
| M1 Taxonomy & Market Conventions | Ch 11-20 | Every subtype, venue and convention |
| M2 Economics & Payoff Mechanics | Ch 21-30 | Cashflows, payoff and physical economics |
| M3 Trade Capture & Product Model | Ch 31-40 | ETRM/CTRM canonical representation |
| M4 Pricing & Valuation | Ch 41-50 | Models, curves, surfaces, calibration |
| M5 Position & P&L | Ch 51-60 | Positions, sensitivities and P&L explain |
| M6 Market Risk & Hedging | Ch 61-70 | Greeks, VaR, scenarios and hedges |
| M7 Credit, Margin & Collateral | Ch 71-80 | Counterparty and CCP exposure |
| M8 Lifecycle, Operations & Accounting | Ch 81-90 | Events through settlement and the GL |
| M9 ETRM Engineering & Capstone | Ch 91-100 | APIs, schemas, SQL and Python, architecture, capstone |
What you will be able to do
Instrument mastery, not a definition
A basis swap is not a three-page definition. It is a payoff, a set of dimensions, a canonical ETRM object model, a risk decomposition and a book of worked cases across TTF versus THE, Henry Hub versus Waha, Brent versus Dubai, a PJM node versus hub, and LME copper versus regional premium. Every chapter is built to that standard.
Book it
Canonical trade, version, leg and schedule model, index hierarchy, fallback logic, units, currencies and confirmations.
Value it
Curves, surfaces and calibration, averaging conventions, multi-curve pricing, FX and quanto effects, and model validation.
Risk it
Sensitivities, curve and basis delta, cross-gamma, correlation, VaR, scenarios, hedge construction and effectiveness.
Operate it
Confirmation, fixing, publication disruption and fallback, amendment, novation, termination, settlement and accounting.
Implement it
SQL models, API payloads, valuation and position services, market data lineage, lifecycle event architecture and reconciliation controls.
Governing ontology
One instrument hierarchy across all ten programmes
Frozen before chapter one and used consistently throughout, so the model does not have to be unlearned between programmes.
The hierarchy
- Asset class
- Commodity
- Product
- Instrument family
- Instrument structure
- Contract / market specification
- Trade
- Trade version
- Leg
- Economic terms
- Underlying / index
- Pricing & model policy
- Lifecycle / settlement terms
Orthogonal dimensions
| Venue | OTC / exchange / auction |
|---|---|
| Clearing | Bilateral / CCP |
| Settlement | Physical / cash |
| Price type | Fixed / floating / formula |
| Optionality | None / European / American / path-dependent |
| Structure | Single-leg / multi-leg |
| Commodity | Gas / power / LNG / oil / emissions / metals / ags / freight |
| Currency | USD / EUR / GBP and beyond |
| Location | Hub / node / port / terminal / warehouse |
| Quality | Grade / spec / heat content / sulphur |
Trade identity, trade versions, legs, instrument reference data and underlying data stay separate rather than being flattened into a trade-type code. That separation is what lets a CTRM carry a new structure without a schema change.
One continuous estate
NorthStar Global Commodities
Rather than unrelated examples, the academy uses a single fictional instrument book that grows across all ten programmes, so a structure met in the forwards programme reappears when you reach swaps, options and financing.
| Natural gas | TTF, NBP, THE, Henry Hub, Waha |
|---|---|
| Power | EEX, Nord Pool, PJM, ERCOT |
| LNG | JKM, TTF and Henry Hub linkage |
| Crude | Brent, WTI, Dubai, Oman |
| Products | Gasoil, gasoline, jet, fuel oil |
| Environmental | EUA, UKA, RECs, GOs, RIN, LCFS |
| Metals | Gold, silver, copper, aluminium, battery metals |
| Agriculture | Wheat, corn, soy, coffee, sugar, cocoa |
| Freight | BDI, Capesize, Panamax, tanker routes |
| FX overlays | USD, EUR, GBP, JPY |
NorthStar Global Commodities is invented for teaching. It does not describe any real firm, person or transaction.
Build order
The dependency chain
The programmes are sequenced so each one rests on the last. Taken in order, the progression runs from the physical commodity through to optimisation and hybrid structures.
Physical commodity→Forward curve→
Linear derivatives→Exchange mechanics→
Swaps→Volatility→
Non-linear→Path dependency→
Optimisation→Hybrid structures
How you learn
Built for practitioners' time
Every chapter pairs a short video explainer with an in-depth podcast, so you can learn the concept quickly and absorb the nuance on the move. Around that sit lifetime access, custom pathways, and options for teams.
Video explainers
~10 minutes per chapter - the concept, clearly.
In-depth podcasts
~30 minutes per chapter - the nuance and the war stories.
Executable labs
Python and SQL labs for computational chapters, not snippets.
Lifetime access
Revisit the material as your desk and markets evolve.
Custom learning pathways
Sequence programmes and chapters around your role and goals.
On-site intensives
Optional on-site intensive workshops for teams.
Who it is for
Anyone who has to make an instrument work end to end
The academy is built for practitioners rather than as an introduction to derivatives.
TradersQuantsProduct control
Market riskCredit riskMiddle office
ETRM business analystsSolution architects
Implementation engineersData engineers
StructurersConsultants
FAQ
Commodity instrument engineering - answered
What is this academy?
Ten master programmes, one per instrument family, of 100 chapters each. It covers physical contracts, forwards, futures, swaps, vanilla options, exotic options, structured products, physical optionality, financing and embedded structures, and specialty instruments.
Why organise by instrument rather than by commodity?
Because the instrument is what transfers. A basis swap behaves the same way whether the underlying is gas, power or copper; the conventions change, the structure does not. Organising by commodity would repeat the same material ten times.
Why is OTC not a separate course?
OTC, exchange, clearing and settlement are dimensions that cut through every instrument. A swap can be bilateral or cleared; an option can be OTC or listed. Each programme teaches its instrument across all of them.
Is it multi-commodity?
Yes, by construction. The swaps programme alone carries TTF, Henry Hub, German power, PJM, Brent, gasoil, JKM, EUA, metals, softs and freight cases.
Why are options split into two programmes?
Vanilla and listed options are a different problem from path-dependent and multi-asset structures. Combining them would mean doing neither properly. Physical swing, storage and tolling are separated again, because that problem is dynamic optimisation under operational constraints rather than a static payoff.
Do I need to take all ten?
No. Each is a complete master programme. The build order is a dependency chain rather than a requirement.
How technical is it?
Every chapter carries the practitioner mechanics, the payoff or formula, a worked numerical example, the position, risk, credit and lifecycle implications, the canonical ETRM representation, and an implementation in Python, SQL or an API.
How does it relate to your other ETRM training?
The ETRM tracks teach the systems and the data platform. This academy teaches the instruments those systems have to represent, and how to model them properly.
Can my organization run this privately?
Yes. Private cohorts are sequenced to the instruments your desks actually trade and the systems you actually run.
How do I enrol or request a corporate cohort?
Use the enquiry link on this page and tell us which instrument families and which roles.
How it is delivered
Three ways to take any programme in this academy
| Feature | Self-paced | Cohort | Enterprise |
|---|---|---|---|
| Format | Written chapters, video explainers and podcasts | Everything in self-paced, plus scheduled live sessions | Everything in cohort, delivered privately to your team |
| Live sessions | None | Scheduled, instructor-led | Scheduled, instructor-led, private |
| Mentorship | Not offered | Not offered | Not offered |
| Access | Lifetime | Lifetime | Lifetime for every enrolled seat |
| Pace | Entirely your own | Guided schedule with a peer group | Agreed with your desk |
| Tailoring | Fixed curriculum | Fixed curriculum | Sequenced to your markets, systems and governance |
| Best for | Individuals learning around a job | Individuals who want structure and deadlines | Desks building the same capability together |
For individuals
Get the programme guide
The full chapter list, what each module covers, and how the tiers compare - sent to your inbox as a PDF.
For teams
Run this for my desk
Private delivery for your desk, sequenced to your markets and systems. Tell us the team and we will scope it.
Run this for my deskBuild instrument mastery across the floor
Take a single instrument family, sequence several, or bring the academy to your team as a tailored cohort.